Asoka Wöhrmann has had his farewell from the top of the Deutsche Bank fund company DWS heavily gilded. He received a severance payment of 8.15 million euros, according to DWS's annual report for the past year, which was published on Friday at the same time as that of Deutsche Bank.

Archibald Preuschat

Editor in Business

  • Follow I follow

Deutsche Bank holds almost 80 percent of the listed fund company, whose chairman of the supervisory board and thus responsible for the remuneration of the board members is Karl von Rohr, one of the deputies of Deutsche Bank CEO Christian Sewing. In addition, Wöhrmann received remuneration of EUR 5.67 million, including variable remuneration of EUR 3.17 million.

As a spokesman for the fund company explained on request, Wöhrmann left the board in June last year, but his contract did not end until the beginning of this year.

Wöhrmann had to vacate his chair at DWS in the summer because the fund company is suspected of having declared financial products to be more sustainable than they actually were. The investigations of the Bafin are still ongoing.

Wöhrmann's successor was Deutsche Bank manager Stefan Hoops. After taking office in June 2022, he earned around EUR 3.78 million, of which EUR 2.21 million was attributable to variable remuneration components. In 2022, DWS was able to build on the previous year's result, but did not increase adjusted earnings.